GBP/USD: British Pound trading higher in the morning session

GBP/USD: British Pound trading higher in the morning session

GBPUSD

GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 7.13% against the USD and closed at 1.2099.

On the data front, UK’s average earnings including bonus rose 3.1% on an annual basis in the three months ended January, compared to a rise of 2.9% in the prior month. Meanwhile, the ILO unemployment rate unexpectedly increased to 3.9% in the three months ended January, compared to a 3.8% in the previous month.

In the Asian session, at GMT0400, the pair is trading at 1.2115, with the GBP trading 0.13% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.1990, and a fall through could take it to the next support level of 1.1864. The pair is expected to find its first resistance at 1.2254, and a rise through could take it to the next resistance level of 1.2392.

With no macroeconomic releases in Britain today, investor sentiment would be governed by global macroeconomic events.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

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